Indorama Group was established in 1976 with a headquarters in Singapore and is one of the largest yarn manufacturers in Southeast Asia (500 thousand yarns). The company’s textile production facilities are located in Indonesia, Thailand, Turkey and Sri Lanka, the total yarn production per year is 135 thousand tons (of which 26% in Uzbekistan). In addition to textile production, the company has large capacities in the oil and gas chemical sectors, the production of polyester and synthetic fabrics, chemical fertilizers. The company is the world’s largest producer of polyester yarn, with a global market share of more than 5%. More than 30 thousand employees work at 70 industrial enterprises of the corporation in 28 countries of the world. Group’s total annual income is $10.5 billion.
Indorama began its activity as a small textile enterprise in the 70s. In the 90s, it began to produce polyester fiber, which served as the raw material for its own textile business. The organization was lucky to see great opportunities for growth of polyester and it was decided to focus on the chain of increasing the cost of polyester. Today, Indorama is the largest producer of polyester and PET resin in the world. In 2006, it diversified its activities, starting production of polyolefins, which has become an important part of its business today.
Indorama has 39 production facilities in 22 countries located in 4 continents including Indonesia, Thailand, India, China, Sri Lanka, the Netherlands, the United Kingdom, Lithuania, Italy, Turkey, the United States, Mexico, Egypt and Nigeria.
Indorama Company created Uzbekistan – Singapore joint venture Indorama Kokand Textile on the basis of unfinished construction of property complex Kokand Textile Mill with a share distribution: 91.42% Indorama and 8.58% Uzbekistan National Bank. The total area of the enterprise is 17.3 hectares.
In 2010, Indorama put into operation a modern cotton yarn plant in Uzbekistan using the most advanced compact technologies. Uzbekistan is one of the largest exporters of cotton in the world, and the plant of Indorama company turns cotton fiber into high-quality yarn for the textile industry.
In the period from 2010-2016 in accordance with the resolutions of the President (No. RP-1333 of 06.06.2010, No. RP-1829 of 15.10.2012, No. RP-2111 of 14.01.2014 and No. RP-2365 of 30.06.2015) four stages of the project were implemented at Indorama Kokand Textile JV, the total amount of foreign direct investment utilized exceeded $164.0 million (including $120 million from Indorama Industries’ resources, 40 million dollars – loan funds of the International Finance Corporation (IFC) without a government guarantee, $4.2 million of Uzbekistan National Bank’s contribution to the authorized capital). More than 1,100 jobs were created, exports in 2017 amounted to $93.7 million.
Uzbekistan is also one of the world’s largest natural gas producers, and has significant hydrocarbon reserves. At the same time, a small part of natural gas is converted into petrochemical products. Indorama and Uzbekneftegaz National Holding Company are working together on a project aimed at production of polyethylene from natural gas.
The first investments in any direction are always a difficult task, since it is necessary to become acquainted with the existing business and cultural environment. Fortunately, we worked with good local partners, and had active support from the Government. This helped us overcome early challenges and quickly become familiar with local customs. The result was that we were able to complete the construction of our cotton yarn factory in less than a year. This clearly reflects our confidence in investment climate of the country.
In many countries there are various challenges associated with investments, but Uzbekistan differs in that here investors are given effective support from the Government. This helps us overcome various obstacles, achieve positive results and actively pursue business development.
Uzbekistan has an excellent infrastructure compared to many other countries. In addition, there is an abundance of electricity, the cost of which is quite competitive. The country has a young and educated population, the presence of qualified personnel. If to look at Central Asia and the states surrounding Uzbekistan, it will become possible to see that this country is one of the most stable in the region.
Link to web-site: http://www.indorama.com/